Compare and Contrast Essay

When comparing and contrasting the poem â€Å"What It’s Like to Be a Black Girl† by Patricia Smith with the short story â€Å"Country Lovers† By Nadine Gordimer. The character in â€Å"What It’s Like to Be a Black Girl† is based more upon recent time while â€Å"Country Lovers† is based in a older time frame. However, both stories are uniquely about wanting to be loved. The poem and the short story are both great examples of the difficulty of life between two different ethnic backgrounds. While one concentrates more on tragedy the other is faced more with acceptance that leads to tragedy. Love although can’t be explained, has many explanations to how one can love. Whether your love goes as deep as loving through tragic times or looking for someone to love you at all times. Both of these stories focus on issues of racism, inner struggles, slavery, prejudice, and the pursuit of freedom as well as equality. At the end, everyone wants and needs to be accepted and will do whatever it takes. The poem â€Å"What It’s Like to Be a Black Girl† details the struggles of what African American women go through just to be noticed. The poem breaks down how it is okay to be â€Å"Black† yet look â€Å"White† because that’s the look men want. In the poem the character addresses the issues about how African American women would spend countless hours in changing their appearance just to be accepted and loved by thee. â€Å"First of all, it’s being 9 years old and feeling like you’re not finished, like your edges are wild, like there’s something, everything, wrong,† (Clugston. 2010). She goes in further detail describing how she hides her natural look because she accepted that her natural look isn’t what society has pinned as natural or beautiful. So she adds blonde hair to her head and changes her eye color to look more like a â€Å"Marilyn Monroe†. â€Å"It’s popping a bleached white mophead over the kinks of your hair and primping in front of mirrors that deny your reflection. † (Clugston. 2010). From any other perspective the struggles of African Americans may not be fully understood. In the poem â€Å"What It’s Like to Be a Black Girl† she explains within a couple sentences the struggles of not being accepted in your own skin. It’s as if she has accepted what she must do in order to be noticed or to be loved. All she wants is to be loved by a great man no matter the ethnicity however she believes she must change her appearance in order to be noticed by such man. â€Å"It’s finally having a man reach out for you then caving in around his fingers† (Clugston. 2010). In comparison â€Å"Country Lovers† tells a story of a young white boy who befriends the daughter of a black help on his parents farm. The two become close friends as their likes for each other develop and bring tragedy. The boy had a reputation of flaunting and flirting however the young girl felt she was different from the rest of the girls. Nadine Gordimer writes, â€Å"When he had even met one who, at a wedding he had attended with his parents on a nearby farm, had let him do with her in a locked storeroom what people did when they made love—when he was as far from his childhood as all this, he still brought home from a shop in town a red plastic belt and gilt hoop ear–rings for the black girl, Thebedi† (Clugston. 2010). Sadly the young girl never realized the gifts were not from love but just another gift to keep quite. As time past the boy grew older and never noticed what he was doing to the young girls heart. Gordimer writes, â€Å"The trouble was Paulus Eysendyck did not seem to realize that Thebedi was now simply one of the crowd of farm children down at the kraal, recognizable in his sister’s old clothes† (Clugston. 2010). This would play a huge part in what brought the tragic ending to the story. Thebedi ended up finding another young man, Njabulo whom she would marry. Njabulo was the child of farmer as well however he was black. He was much like her father which made it easier for the father to accept their marriage. Typically the son in law would have something to offer the family in trade for the daughter however this young man had nothing to show. Her father liked this young man so much to the point he accepted the marriage even without a trade off. â€Å"Njabulo’s parents met with hers and the money he was to pay in place of the cows it is customary to give a prospective bride’s parents was settled upon. He had no cows to offer; he was a labourer on the Eysendyck farm, like her father† (Clugston. 2010). Love although can’t be explained, has many explanations to how one can love. Whether your love goes as deep as loving through tragic times or looking for someone to love you at all times. Both of these stories focus on issues of racism, inner struggles, slavery, prejudice, and the pursuit of freedom as well as equality. At the end, everyone wants and needs to be accepted and will do whatever it takes.

Micro Operation at Airlines

_____________________________________________________________________ B200B TMA Spring 2013 _____________________________________________________________________ Question: ‘The airline industry has firms which can be great examples of operations management. There are processes and resources to manage very carefully in order to have satisfactory outputs and results’.Analyze the above statement using examples from B200B material and an airline company, and discuss in particular the following issues: managing micro-operations for an airliner, handling emergencies and delays, serving passengers, reservations handling, baggage handling, meals, maintenance, training of crew†¦ (100 Marks) NOTES TO STUDENTS Cut-off date: Submit this assignment no later than 27 April, 2013.Word count: 1500 words (plus or minus 10%). Referencing: You must acknowledge all your sources of information using full Harvard Style Referencing (in-text referencing plus list of references at the end). Use E-library: to get journal articles on the topic (using Emerald or EBSCO). Use at least 2 or 3 articles. Plagiarism: It is very important to use your own words. Plagiarism will lead to a significant loss of marks. Extensive plagiarism could mean that you failed your TMA.Plagiarism means copying from internet, from unreferenced sources, from other students’ TMAs or any other source. Penalties for plagiarism ranges from failure in the TMA to expulsion from the university. Answering: Your response to the question should take the form of a full essay format divided into a number of paragraphs with introduction and conclusion without subheadings and bullet points. Use B200 ‘reader three’ chapters (Processes), especially chapters 1, 2, 4. Also search information on a specific airline company and use E-library. This TMA is 20% of B200B Grade.

Different aims in life Essay

Different people have different aims in life. Some focus on power, some on wealth, some want to become a rich successful businessman, some choose knowledge & education while some choose fame. Many scholars think for hours & hours that what their aim in life is terms of the best profession which suit their lifestyle. Across the wings of time few of them discovers their aim. But there are many others who are ambitious in their very childhood and find their professional goals. These people pick up their professional aim due to their interest gathered from books, passion, and parent’s/ teacher’s guidance and meeting such kind of people. I am one of those people. My aim in life is to become successful Mechanical Engineer. After my higher schooling I want to go to Mumbai or Delhi IIT (India Institute of Technology) to pursue my Engineering in the field of Mechanics. I want to serve this world with my talent because I believe that I have what it takes. My Father and Elder sister both are Engineers. My Father is an Electric Engineer and my sister is a Civil Engineer. They are my biggest source of inspiration. Being an Engineer is my personal choice. I believe that Engineering is a very noble profession that one can choose. I want to opt the field of Mechanical because I find it quite interesting than other fields. Becoming an Engineer is not compelled by my parents; I have chosen this field because this is what I want to be in my life. These days the salaries of Mechanical Engineers are quiet high and they acquire respectable positions no matter whether they are in India or any other part of the world. Aimless life is a sin these days. Aimless people are like tired travelers without any specific destination. Whatever they do in their life is by chance or circumstances or luck that comes their way. In many cases these people do not achieve anything big in life. They just survive because they have too and they are forced to. That is why I believe that each one of us should have definite a purpose in life. To achieve success determining your targets is the first step. They should identify their qualities, talents & ability to work hard. Those who fail are not actual failures because failure is a part of success but those who fail to decide their aim are real failures in life.

Enterprise and Entrepreneurial Management Essay - 4

Enterprise and Entrepreneurial Management - Essay Example Yankee Clippers is a revolutionary innovation in men’s grooming, providing a variety of beauty services and products to the male clientele. The target market is the youthful male consumer, between ages 16 and 35, a market segment with the most revenue earnings potential for this business concept due to specific market characteristics, socio-economic demographics, and lifestyle relevancy associated with this brand concept. Outside of the traditional hairstyling service dimension, Yankee Clippers will offer consultation services, skin peeling and bleaching, and provide in-house merchandising talent as part of the sales model to generate more direct salesmanship and higher profitability through product sales commitments achieved with in-store patrons. Consultation services for men seeking beauty enhancement will generally occur via appointment in which 30-minute or 60-minute consultations will be contracted. The essential brand philosophy of Yankee Clippers (the organisational mi ssion) is that men will benefit from taking more proactive responsibility for grooming and beauty, offering consumers social competitive advantage through Yankee Clippers expert beauty systems operational model. Yankee Clippers will offer top-quality beauty and grooming products along a moderate pricing structure, procured from a variety of top-known beauty brands catering to the male consumer. The main branding goal of the organisation is establishment of service quality and product quality, which will ultimately provide justification for a premium service and sales model for the discriminating client in which beauty and grooming are significant lifestyle attributes and needs. Unlike other competition in this market, Yankee Clippers will differentiate through talent management modelling internally, exclusivity, and choice related to the premium positioning strategy. The beauty industry for men is growing explosively, providing excellent market opportunity so long as Yankee Clippers develops a strong emphasis on the marketing and promotional functions. In 1998, 42 billion USD were spent in salons (Hairstyles-7.com 2004). By 2004, nearly seven billion USD were spent on colouring treatments, hairsprays, shampoos, conditioners, and other relevant grooming products (Hairstyles-7.com 2004). This represents a significant market opportunity that continues to expand as more men become cognizant of the importance of grooming for social and professional growth. In 2010, as one example, L’Oreal experienced a 30 percent increase in sales revenue stemming from male grooming product sales (CBS Chicago 2011). The international and domestic sales markets for male grooming products continues to predict ongoing sales growth, in which Yankee Clippers believes it will be able to successfully capitalise to gain a prominent male-oriented, consumer-centric beauty business brand with superior competitive advantage in the local market. 2. Description of the business Brand recog nition and the pursuit of establishing brand loyalty and brand equity are the primary drivers of the Yankee Clippers marketing and sales model. In the UK, Yankee Clippers maintains minimal competition for male-centric beauty services, thus giving the business a competitive advantage immediately after launch. Marketing theory provides research-supported knowledge that brand loyalty is a product of companies that are

Analysis of Korean Culture Essay Example | Topics and Well Written Essays - 500 words - 6

Analysis of Korean Culture - Essay Example The beer was given a look of a woman while tiger never succeeded due to lack of patience. The background of the story was to give the origin of the leadership of Korea. The book Samguk Yusa: legends and history of the three kingdoms of ancient Korea is a collection of various histories of the three monarchies of Korea who were Silla, Paekche, and Koguryo. The author is a fresh fiction writer. One of his most famous books is â€Å"The Great Divorce.† She lives in New York. She is also a holder of B.A.in humanities from Yale College and a Ph.D. in English from Columbia University. In this story, the Korean leader is believed to have descended from heaven. The gods from the place of sunrise were responsible for the leadership choice. This choice was through a test of patience where the beer was more tolerant and patient than the tiger. The gods required fair leadership so the whole process of leadership choice was necessary. Considering the evolution of the human leader nature of origin, the leader was godly given. The whole of these steps of attaining leadership made the leader acceptable. The book is a fairy tale collection of the beliefs concerning leadership in Korea in relation to other regions in the east including China. These stories were made to help the children have a positive view of the leaders. On the other hand, it is a religious book in that it tells more on prayer and its effect. The power of prayer in this story helps in attaining the desired status. This book is also historical to some extent. It teaches on the history of the leadership and the entire eastern regional religion, as the gods were believed to be in the Chinese Mountains (Ilyon 2006). The composer of the story is well versed with the child’s psychology. The composer puts the story down in a chronological order thus making it easy to understand. Viewing of leadership as a divine provision is a character that makes the story more acceptable and interesting.  Ã‚  

Reflection R-Rent A Car Essay Example | Topics and Well Written Essays - 500 words

Reflection R-Rent A Car - Essay Example The following week, we faced a new challenge and that is handling the scheduling of the fleet. Many customers are demanding and would not hesitate to transfer to another car-rental service company in case the vehicle they specified is not given to them. This is what makes competition in a free trade â€Å"survival of the fittest†. Smaller companies cannot compete with bigger ones since they have limited resources and manpower. I just realized that scheduling vehicles even on a daily basis is complicated. Timely coordination with other staff and drivers are crucial in giving the service on time. If there was one skill that I developed, it would be time management. In the real world setting, there are many things that needs to be done. The key to being organized is managing one’s time very well. Smaller tasks must be put aside so more important ones could be accomplished. Even personal time is sacrificed in the real workplace. One must be very flexible and willing to deal with any sudden change. Also, I learned that planning is a very important part of handling a project. Like the former project, my soft skills on communicating, negotiating and leading were developed. I had to break out of my comfort zone and feel confident in meeting new people. During interviews, I had to look confident and sure of what I was doing. As I mentioned, planning is very important. I learned that when one is not prepared for a task, then eventually there would be many problems. Among the skills that I really have to develop and master is the numerical skills involved in making financial projections. As I have mentioned in the report, the Rent-A-Car business is seasonal and the market has few barriers to entry. As a business owner or manager, one must have good financial skills that would help him plan in making the company meet its expenses despite low sales. I have to learn more also about financial planning or maybe budgeting. Budgeting should

What does Pascal make for religious faith in the reading The Wager Essay

What does Pascal make for religious faith in the reading The Wager - Essay Example In plain language, his practical persuasion was, â€Å"if I believe in God and there is God, I am okay; and if I still believe in God but in fact there is really no God, I am still fine. And if I did not believe in God and there is really a God, then I am in trouble.† So it is always better to believe in God. Pascal’s Wager’s differ from other religious theologians who purported a priori proof of God’s existence that is independent of any proof or observation. Unlike Anselm who placed an ontological argument that because God is God, that his existence does not need to be validated by experience to justify that He exists, Pascal instead argued that one loses nothing in believing in God that it does not hurt to believe in God. In short, Pascal’s evidence can be derived from its possible benefit in believing God that one has everything to gain and losses nothing. Pascal might have approached the issue on the belief of God from a consequentialist point of view because he persuades people to believe in God out of the expected benefit that can be derived from it or the avoidance of harm and pain if one does not believe in God. While his reasoning is simple, the argument of weighing the benefit of believing in God vis-a-vis negating God is sensible especially to the modern mind who often asks, â€Å"What is in it for me?† He did not propose any elaborate philosophical reasoning that requires higher understanding such as the explanation of St. Augustine who argued that God does exist but the mode of knowing should be proportional to what is being observed. Man, being just a created being, cannot be proportionate to the understanding required to comprehend God because God being above all things, is above knowledge. He has to be understood on a higher plane of understanding or through â€Å"divine light†. For Pascal, man in his presen t cognitive ability, can already understand and believe in

Article by robert wright Essay Example | Topics and Well Written Essays - 1250 words

Article by robert wright - Essay Example The dominant culture to occupy the world as a standard mode of carrying activities has been the bone of contention in this area. Wright on his view states that the Americans have been on the fore run of ensuring that their values are appreciated all over the world. On the other hand, this has initiated reactions in different parts of the world leading to attacks such as terrorism (Wright, 2). This has been realized in the recent past with increases attacks on America. The attacks include organized terror groups who target America in the effort to kill their dominant position in the world. In the process there have been challenges in handling terror group and rebellious countries as evident with Iran. Iraqi had organized terror groups that looked into putting down the American domination efforts. Considering this it is worth noting that America has had difficult time in doing away with such groups despite it being a super power. Dealing with Iraqi in the war had to take lots of efforts and technology as the Americans also suffered losses during the terror attacks executed by the Saddam led group. Both Kaplan and Wright apply the historical occurrences that have determined the progress and behavior of the various dominating powers. By this, Americans have been viewed as those who lead in ideologies and principles followed by most parts of the world. On the same note, they bring in Christianity as the religion that seeks to dominate the world originating from the west, especially America. The recognition of Christianity as the religion to be adopted right from the historical perspective defines it all. Both Kaplan and Wright puts it on the perspective that globalization has been a historically linked event that is still to be towed. Generation after generation keeps applying their efforts towards ensuring that the whole world follows a given form of operation.

Temperance and The Alcohol Prohibition Essay Example | Topics and Well Written Essays - 1000 words

Temperance and The Alcohol Prohibition - Essay Example In the 1830s and 1840s, temperance movement was gained immense momentum and many people supported it. However, the movement suffered setback during the American Civil War. Both sides in the war were relying on alcohol duty to fund their battles. As a result, numerous states stopped alcohol prohibition (Gately 74). It is worth noting that this was reversed after the war as more and more states and counties embarked to become â€Å"dry†. In the postwar period, the movement grew to become a significant mass movement and was instrumental in encouraging alcohol abstinence. The movement engaged in building alternatives to replace the roles of public bars; the Independent Order of Rechabites was established as a friendly society where no meetings were held in public bars (Tracy 29). Also, there was a movement that introduced temperance fountains around America in order to make sure people have reliably safe drinking water instead of having to go to a saloon and various coffee palaces and temperance halls so as to replace bars. The temperance movement in the United States got a boost as advocacy for alcohol abstinence were emerging in other countries and so its emphasis spreading internationally. For example, the Salvation Army was established in 1864 in London and emphasized heavily on the abstinence from alcohol (Heron 30). A number of local and international prohibitionist groups were created in the postwar period and were instrumental in advocating for alcohol prohibition.

U.S. Nuclear Weapons and Weapon Programs Essay Example for Free

U.S. Nuclear Weapons and Weapon Programs Essay Thesis Statement: Replacing the Stockpile Stewardship Program (SSP) with the Reliable Replacement Warhead Program (RRW) may alleviate existing issues concerning the long-term reliability, safety, security, and manufacturing of U. S. weapons. However, the RRW has been cancelled due to the overwhelming concern of long-term funds to maintain RRW and Democrats feel as though the RRW is not a proven technology (GlobalSecurity. org). However, the RRW should be used as a motive not to continue nuclear testing. Currently, the SSP consists of worn weapons that are costly to maintain and are subjected to underground testing (Boyer 303). Implementing the RRW will provide cost-efficient and reliable weapons that are manufactured to last with fewer obligations to nuclear underground testing. Implementing the RRW would be a good investment for this reason alone. Overall, replacing the SSP with the RRW will establish new cost-efficient weapons with less maintenance that are less prone to underground nuclear testing; provide state-of-the art technology to protect the U. S. from terrorist’s intrusions – such as hacking and unauthorized usage, and create an efficient method for securing the decreasing stockpile. 1) Long Term Reliability of U. S Weapons. The maintenance of refurbished weapons may become more complicated due to aging. The RRW addresses this issue by implementing new weapons that are cost-efficient and safe thus providing reliable and safe weapons for the U. S. According to the article, A New Nuclear Warhead, â€Å"The RRW is committed to the smallest nuclear stockpile consistent with our security; to safe, secure and reliable weapons; and to the current nuclear testing moratorium. † Refurbished weapons tend to need more maintenance and are subject to nuclear underground testing. 2) The Safety and Security of U. S. Weapons. The SSP may not be sufficient to meet future goals pertaining to the safety and security of U. S Weapons. In the article, Reliable Replacement Warhead, â€Å"RRW aims to make US nuclear weapons safer and more secure against unauthorized use by incorporating state-of-the-art security features that cannot be retrofitted to older weapons. The ultimate goal is to transition to a smaller, more responsive nuclear infrastructure that will enable future administrations to adjust the US nuclear stockpile as geopolitical conditions warrant. † (26) 3) Maintenance of Existing Weapons may become more expensive with the SSP. Refurbished weapons require more maintenance than newer weapons thus requiring additional funds to sustain current conditions of the weapons. According to the Department of Defense news release, Kenneth Krieg states that the implementation of the RRW will reduce stockpile size by permitting new weapons with less maintenance. Newer weapons will need less maintenance and in return will be less applicable to additional funding. Members of the Nuclear Weapons Council are confident that incorporating the RRW will permit a more positive and cost-effective infrastructure by employing improved computational and experimental tools to administer the technical base (U. S. Strategic Command 1). 4) Implementing the New RRW Plan. The RRW intends to implement newer U. S weapons with higher-performance ratings and advance safety and security features while providing a less expensive maintenance plan. After examining the article in Bulletin of Atomic Scientist, the RRW is aimed at accomplishing a more cost effective and efficient method of securing the decreasing stockpile to be more reliable and safe (Drell 48). Incorporating the RRW will provide the tools necessary to ensure that nuclear underground testing is less likely to be required for future designs (A Different Kind of Complex 1). Conclusion: Unfortunately, the RRW has been cancelled due to the overwhelming concerns of long-term funds to maintain RRW and Democrats feel as though the RRW is not a proven technology. However, the RRW should be used as a motive not to continue nuclear testing. Implementing the RRW will alleviate the SSP of existing issues concerning the long-term reliability, safety, security and manufacturing of U. S weapons that are less prone to underground nuclear testing. Overall, RRW will serve as a solution to the ongoing concerns of underground nuclear testing. Works Cited Arm Control Association. â€Å"A Different Kind of Complex: The Future of U. S. Weapons and the Nuclear Weapons Enterprise. †(1997-2009): 3 March 2009 http://www. armscontrol. org/print/3454 A New Nuclear Warhead. (Editorial Desk)(Letter to the editor). The New York Times. (30 Jan 2007): A20(L). Opposing Viewpoints Resource Center. Gale. Apollo Library. 3 Mar. 2009 http://find. galegroup. com/ovrc/infomark. do? contentSet=IAC-Documentstype=retrievetabID=T004prodId=OVRCdocId=A158559391source=galeuserGroupName=uphoenixversion=1. 0 Boyer, Paul S. â€Å"Nuclear Weapons. † The Oxford Companion to the United States History. Oxford University Press. (2001): 303 Department of Defense news release. (2March 2007): Reliable Replacement Warhead Design Decision Announced http://find. galegroup. com/itx/start. do? prodId=ITOF Global Security for America. â€Å"U. S. Strategic Commands Supports RRW Strategy. † (2007) 2 March 2007 http://www. stratcom. mil/default. asp? page=newsarticle=14 GlobalSecuirty. org. â€Å"Weapons of Mass Destruction. Reliable Replacement Warhead. † (2009) 11 March 2009 http://www. globalsecurity. org/wmd/systems/rrw. htm Interavia Business and Technology. â€Å"Reliable Replacement Warhead. † (2007): 3 March 2009 http://find. galegroup. com/itx/start. do? prodId=ITOF

Small and medium enterprises

Small and medium enterprises Abstract: Chapter 1: Introduction: Small and medium enterprises have different definitions in different countries. In India, it is known as the Micro, Small and Medium Enterprises (MSMEs) which is defined in terms of investment required. The MSMEs include all the enterprises in which the total investment does not exceed more than Rs. 50 million. The European Commission defines SMEs on the basis of the work force employed, total turnover of the business and the balance sheet total. In the US, the criteria for recognition is based on the work force employed. Small and medium sized enterprises (SMEs) are one of the principal driving forces in economic development. This sector has been recognised as growth engine around the globe. A healthy and vibrant SME sector contributes in a high and sustainable economic growth. They encourage private ownership and entrepreneurial skills, they are flexible and can adapt quickly to changing market demand and supply situations. They provide employment opportunities to the masses, help diversify economic activity and make a significant contribution to exports thereby increasing foreign trade. Many economies have acknowledged the need for growth and development of SMEs for industrial restructuring and have formulated national SME policies, programmes and enterprise development policies. Enterprise helps boost productivity, increased competition and innovation, thereby creating employment and prosperity, and revitalizing the communities. SMEs contribution to the foreign trade has been ever increasing. During the last decade, there has been a considerable increase in the foreign trade arising from the products of these SMEs. The open trade policy has been a great success. The policy makers in developing countries like India, Sri Lanka, Pakistan, and many other South Asian countries have been continuously reviewing their policies to help the functioning of these SME units. Finance is a subject of major concern to the SMEs. The financial institutions like banks and other money lending firms have come forward with plans of funding these units at very competitive rates. Subsequently, there has been an increase in the lending by such financial institutions to the SMEs. This has increased the efficiency of the SMEs to a great extent. Chapter 2: SMEs: An Overview Contribution of SMEs: SMEs are the backbone or the key drivers of the industrial economy. They can also be described as the engines of growth of the industrial sector. Although they are individually small, collectively they play a multiplayer role in the development of an economy. They have a multiplayer impact in developed as well as developing economies. The main USP of SMEs is low cost production i.e. the ability to manufacture low volumes profitably, meet niche requirements, capitalize on local skills and resources, provide outsourcing opportunities and most importantly create jobs. The below mentioned table indicates the contribution of SMEs across diverse economies. (Table-1) Table 1: Contribution of SMEs across diverse economies The sector has been consolidating over the years. What is new is the articulation and recognition of this process and its pump priming role. Therefore national SME policies, programmes and enterprise development policies have been formulated to support smooth working of SMEs and to overcome major obstacles such as lack of legislation, promotion and infrastructure. This can be done in the form of promotion programmes, positive discrimination hand holding and advocacy. Policy initiatives seek to highlight basic SME skills in low cost production. SMEs have an impressive presence in service industry ranging from the simple and traditional organisations to the most modern and hi-tech ones. SMEs contribute not only in terms of quantitative factors such as output, employment, income, investment or exports but also in terms of qualitative factors viz the synergies they promote with large industry, their contribution towards balanced regional growth, their contribution in nurturing entrepreneurial spirit, innovation and in providing a nationwide pool of skilled and trained manpower. While the comparative advantage of SMEs are well acknowledged, SMEs also have their share of pros and cons which prevent them from realising their full potential. They have to face some problems such as lack of proper guidance in the initial stages, lack of funds in the times of crisis, lack of proper marketing strategies, stiff competition from big players, lack of access to latest technology, no proper infrastructure etc. Therefore, although new SMEs are emerging very rapidly worldwide, the number of SMEs closing down every year is also very high. Also because of the twin forces of globalization and free trade policy of WTO, there is a serious threat to the SMEs sector. It will have to reorient and reinvent itself to overcome these challenges. This can be done by restructuring the small scale organisations, and if nothing works, they have to be closed down. Closures are undesirable but sometimes they are advisable from the resource allocation point of view. Thus the high rate of entries and exits reflect the dynamic nature of this sector and also explains why it is seen as an industrial incubator. As mentioned earlier, SMEs play a very important role in the development of an economy, especially from the employment point of view. They are very effective for the generation of employment for both skilled as well as unskilled workers. Therefore labour extensive countries should opt for SMEs. Even the underdeveloped or developing countries which are capital intensive and labour extensive, SMEs can be a great help. There has been increasing growth of SMEs worldwide in the recent past. The government of the developed and developing economies have been formulating policies which promote smooth working of the SMEs. SMEs have contributed significantly in the developed as well as developing countries. In the European Economic Area (EEA) and Switzerland there are more than 16 million enterprises; of which less than 1% comprise large companies while the rest are SMEs. Two thirds of the job opportunities are provided by SMEs in this region and the remaining one third of the job opportunities are by large companies. SMEs are considered the backbone of Asia Pacific region as they account for 90% of enterprises. They provide around 32% 48% of employment and their contribution to Gross Domestic Product is around 60% 80% in individual Asia Pacific economies. Even in the United States, SMEs contribute greatly. It contributed at around 43% of the net employment opportunities from 1990 1994.SMEs are considered the engine of economic growth in both developed and developing countries not only because of low cost production but also because of low unit cost of persons employed as compared to large scale enterprises. Thus they provide a significant share of overall employment. Also SMEs assist in local and regional development by regional dispersion of economic activities, thus helps achieving fair and equitable distribution of wealth. SMEs not only contribute towards the GDP but also towards the export revenues. Although SMEs are at a disadvantage in terms of finance, technology, human resource development and networking; SMEs involved in foreign trade are very dynamic. This may be due to its low-cost labour intensive nature of its products; and since these units generally use indigenous raw-materials; they have a positive effect on the trade balance. For example, SMEs in OECD member states produce about 26% of OECD countries exports, and about 35% of Asian exports. Also SMEs increase flexibility in the provision of services and the manufacture of a variety of consumer goods and competitiveness of the market place and thereby curb monopoly of large enterprises. All this leads to fostering of self-help and entrepreneurial culture by bringing together skills and capital through various lending and skill enhancement schemes. Thus SMEs not only enables an economy to maintain a reasonable growth rate but also imparts resilience to withstand economic upheavals. Chapter 3: Indias SME scenario: The Indian Small and Medium enterprises sector formally known as the Small Scale Industries (SSI) has had a notable importance since the period of Mahatma Gandhi. SSIs were set up in the rural parts of India with a view to inculcate the habit of self reliance amongst the people. Later on, after independence, the SSI units were an important source of income to the people of India. Indian policy makers had noticed the importance of this self reliant industry and had always been striving hard for their progress. After achieving independence in 1947, India drafted and adopted the Industrial Policy of 1948 which meant that the government would act as both an entrepreneur and also as a governing body. With the beginning of the planning of a free India in 1951, the role of SMEs has been earmarked specially. In its industrial policy, the government started announcing special schemes for the growth of the SMEs in India. It was in 1956, during the Second Five Year Plan that the government announced the Second Industrial Policy, clearly stating the importance of the SME sector. This gave an impetus to the development of SMEs in a manner that made it possible for them to achieve the objectives of: Ø High contribution to domestic production. Ø Significant export earnings. Ø Low investment requirements. Ø Operational flexibility. Ø Low intensive imports. Ø Capacity to develop appropriate indigenous technology. Ø Import substitution. Ø Technology-oriented industries. Ø Competitiveness in domestic and export markets Today, small and medium enterprises (SMEs) are the ladder of progress for a nations economy, especially in case of developing countries. They contribute handsomely to the exports, the industrial base, the Gross Domestic Product (GDP) and the Gross National Product (GNP) of the nation. Small and medium enterprises help provide employment and various facilities to the society. In 2006, the Government of India passed an Act known as the Micro, Small and Medium Enterprises Act (MSMEDA), 2006 to define SME sector of India. This Act defines micro, small and medium enterprises in India on the basis type of sector namely manufacturing and the service sector. In case of manufacturing sector, the size of the enterprise is decided on the basis of investment in plant and machinery. In case of service sector enterprise, the size is decided on the basis of investment in equipment required to set up the industry. Table 2: Definition of SME in India. Strategic Importance of Indian SMEs: In Indian economy, the SMEs occupy a place of strategic importance due to its contribution to the overall output, exports and employment. The total number of SMEs has been increasing rapidly. The total number of registered enterprises has been around 3million and has been increasing at an even faster speed. They contribute about 50% of the total industrial output and constitute 42% of total exports. These units produce approximately 8000 units which range from very basic to highly sophisticated products. By providing employment opportunities to nearly 29.4 million people, this sector takes the credit for employment to the largest number of workforce. Chart 1: Growth rate of SSI sector vis-à  -vis Total Industrial Sector. Chart 2: Growth Rate of Employment in the SSI sector. Link: http://www.smebank.org/SME%20Sector.htm#2 Role of Indian SMEs: The role of SMEs in the overall economic growth of the country has been fundamental and has been achieving steady progress over the last couple of years. With a view from the industrial development of India and the overall economic growth, SMEs have to play a vital role since their labour intensiveness helps to generate employment opportunities. In a developing country like India, the SME sector is of utmost importance in order to eradicate poverty and hence to drive sustainable growth. In case of countries where the capital resources are scarce, and an abundant supply of labour, SMEs help in the efficient allocation of resources by implantation of labour intensive production process. Performance of Indian SMEs: In the late 1940s, there were around 80,000 units. Today, the total number of units has increased tremendously and the total number of units is approximately 13 million units in 2006-07. Of the total 13million units, around 55% are in the rural India and the rest in cities and urban regions. Table 3: Number of Small and Medium Enterprises. The contribution of the SSI sector to the GDP was approximately 13% in 2000-01; this has grown to a 15.5% in 2007-08. The performance of the SSI sector in terms of economic parameters such as number of units, production, employment and export during the last decade is indicated in the table below: Table 4: Performance of Small Sector in India The SME has not only been successful in increasing its contribution to the GDP, but it has also outperformed the organized sector to a great extent in terms of production and also in employment creation. Table 5: Share of SME output to Indias GDP Employment: The employment opportunities created by the SMEs is considerable. It is evident from the table below that for every 10 million rupees invested by the SMEs, more than 4 times of employment opportunities are created; more than any other sector in India. It is clearly seen that in the year 2006, for every 10 million rupees invested in SMEs, generated employment opportunities for around 151.4 persons, whereas, the same amount invested in the other sectors would create employment opportunities for around 37.4 persons only. Table 6: Investment to employment ratio Exports: The SME sector is a major contributor to the total exports of India. Of the total exports by India, approximately 50% exports are contributed by this sector. SMEs are responsible for 35% of the total direct exports and 15% are contributed by its allied activities. The indirect exports may be in the form of export orders of other large units or in the form of production of various parts and components for the making of the finished product. The major trading houses, merchant exporters and the export houses play a vital role in the export development. The non traditional products account for more than 95% of the exports. The exports from the SME sector have increased tremendously during the last decade. The growth of the garments, leather, gems and jewellery units in the recent past is the reason for the increase in the exports by the SME sector. The SME sector dominates the sports goods, readymade garments, woollen garments and knitwear, plastic products, processed food and leather products industry. The table below indicates these segments and the corresponding SME contribution. (Table 7) Table 7: % of SSI in total Export SME exports growing in tandem with total exports: SMEs constitute an important segment of Indias industrial production with a contribution to 33% of its exports. During FY03-06, Indias total merchandise exports in US dollar terms witnessed a CAGR growth of 25%, while in the same period SME exports grew at a CAGR of 24%. The remarkable contribution of SMEs in generating employment in the country has been instrumental in addressing issues pertaining to poverty and inequality of income. As per the Third All India Census on Small Scale Industries-2001-02, highly populated states such as Madhya Pradesh, Uttar Pradesh, West Bengal, Maharashtra, Karnataka and Jharkhand together contributed to around 55.4% of the total exporting units in India. In terms of distribution of value of exports from the SME sector, states like Punjab, Haryana, Uttar Pradesh, Tamil Nadu and Maharashtra together contributed 64.75% of total exports. Chart 3: Share of SME export to total exports The composition of export basket of SMEs in India, it has both traditional and non-tradition commodities in nature. There are few commodity groups which are exclusively exported by SMEs such as sports goods, cashew, Lac etc. In the commodity group of engineering goods, SMEs constitute around 40% of the total exports of this commodity group. Similarly, SMEs in basic chemicals pharmaceuticals finished leather and leather products and marine products account for around 44%, 69% and 50% of the export share in their respective commodity groups. In view of the Government of Indias ambitious target of average GDP growth rate of 9% during the 11th Five Year Plan, SMEs have to play a vital role in achieving this target. It is imperative for the government to address the major issues plaguing the sector and take further inclusive growth oriented policy initiatives to boost the sector. This includes measures addressing concerns of credit, fiscal support, cluster-based development, infrastructu re, technology, and marketing among others. As mentioned earlier, SMEs constitute 34% of Indias merchandise exports and in order to increase Indias export share to the global trade, SMEs are expected to enlarge their scope manifold. Problems Faced by Indian SMEs: The SMEs in India have been facing lot of issues that hinder the performance and the survival of this sector. The government has been striving hard to provide with policies that would help the smooth functioning of the SMEs. The main problems that have been faced by the SMEs are: Finance: Micro, Small and Medium Enterprises, especially the micro enterprises have been facing the problem of inadequate access to finance. This is mainly due to the lack of information on financing activities and also due to the traditional business style. In India, there is also a lack of private equity, venture capitalists and business angels entering the MSME sector which would provide easy financing options to businesses which have unique ideas. The availability of finance has been a major problem for the SME sector. The SMEs have not been able to have easy access to the loan offered by the various commercial banks and other financial institutions. This is despite the Reserve Bank of India (RBI) and the Ministry of Finance having laid down instructions to the banks and financial institutions to encourage easy financing options to the SMEs. According to Morris et al., 2001:11; â€Å"there are strong structural underpinnings to the inadequate flow: the organisational structures of banks, and processes within them, have taken them far from task orientation and have created a specific bias against small loan portfolios.† The government has been constantly seeking new ways to make access to loan funds an easy process for the SMEs. The small industries sector has been worst hit by the problem of financing. These units have not been able to understand their financial situation and also they havent been able to maintain transparency in their financials. The banks and financial institutions have been hesitant with regards to providing financing solutions by means of loans to these small units. This is because in the recent past, the loans that have been offered to some of these units have been transformed in to non-performing assets and hence, the banks have been trying to avoid this high level of risk. The banks and other financial institutions have been in fact extending more of their loans to the medium industries sectors in order to comply with the RBI regulation of financing for the ‘priority sector. Infrastructure: After finance, availing good infrastructural facilities has been a topic of concern for the MSME sector. The infrastructural facilities that are available in the rural parts of India differ substantially with those available in the cities and the urban parts of India. There has been growing concern towards the supply of power at affordable rates to these units. In the rural parts where the rates are comparatively lower than the urban parts, the adequate supply of electricity has been an issue. The lack of newer technological knowhow has been growing. There has been a huge difference in the technique used in the towns to those used in the villages. Those in the urban areas have now been able to make use of computers and other computer operated machines whereas in the villages, the traditional methods of production are still being used. The transport facilities have not been developed very well. In spite of so many highways being constructed, there has not been ease of transporting facilities for the SMEs at affordable rates. This hinders the rural and semi-urban markets to access new and larger markets in the other parts of India. Lack of skilled labourer: Lack of skilled labour hampers the productivity of the SME unit. The skilled labour can make better use of resourced and could also be able to handle computers. Skilled labourers can be of great help with means of management and marketing. Product Reservation: For the purpose of good productivity, there has been product reservation which means around 800 products are being reserved to be produced only by the SMEs. The list is being revised on a regular basis but under political influence. The main purpose of product reservation was to create local employment by means of using locally available resources. But due to increased political influence, the main purpose of the reservation has been lost. The SMEs are at times not informed that they produce the reserved product. Role of Government for SME development in India: The Government of India has recognised the role of MSMEs in the overall development of the countrys economic situation. The MSMEs are of utmost importance in terms of employment generation, share to the GDP, share to the industrial output, foreign exchange generation, etc. The Government of India has implemented various policies in conjunction with the state government, the RBI and various NGOs for the betterment of the MSMEs in India. As a stepping stone towards MSME development, the Ministry of Small Scale Industries (SSIs) was combined with the Ministry of Agro and Rural Industries to form the Ministry of Micro, Small and Medium Enterprises (MSMEs). This helped to formulate policies on a national basis bringing all the enterprises whether rural or urban under one cabinet. The main purpose of the Ministry of MSMEs was of drafting policies, programmes, development projects and schemes and also to keep a check on the implementation of these policies. The Government of Indias has launched a landmark initiative by the introduction of the MSEMD Act, on 2nd October, 2006. It is due to the enactment of this Act that there has been an increase in the SME competitive strength. The issues related to the growth of SMEs had been surfaced and thus, the SME had been able to accept challenges and reap the benefits of large scale economies. The co-ordination of policies at both the state and the national level has helped strengthen the role of SMEs not only at the lower but also at the higher level. A recent policy introduction by the Tamil Nadu government to encourage the agro-based industries by means of providing a wide range of incentives, support for infrastructure development, subsidies for investing in industrially backward areas, capital investment and technology development with an aim to sustain a growth rate of over 10% in the food and agro based sector. The Government of India has set up various institutions at both national and state level which are both a governing as well as a support body for the SMEs in India. The Ministry of Micro, Small and Medium Enterprises, Small Scale Industries Board, Small Industries Development Organisation (SIDO), National Small Industries Corporation (NSIC) Limited, The Khadi and Village Industries Commission (KVIC) and Coir Board work in co-ordination with the various institutes and assist the SMEs at both national and state level. Today, the working of the Ministry has lead to the existence of various SME governing bodies which help the smooth functioning of the SMEs. The Industrial Development Bank of India (IDBI), the Small Industries Development Bank of India (SIDBI), National Small Industries Corporation (NSIC), the SME Rating Agency of India (SMERA), etc. all play a convincing part in the development and smooth functioning of the SMEs in India. Policies implemented by the Government: The Government of India has been reviewing its policies for the SMEs. The various organisations set up in coordination with the Ministry of Micro, Small and Medium Enterprises look after the formulation and implementation of the various policies for the SMEs. Finance: The Government of India in co-ordination with the Reserve Bank of India (RBI), the countries apex bank has been striving hard in order to create policies for making available easy financing options to the SMEs. The RBI has been issuing directives for every bank and financial institution to maintain a quota of funds to be made available to the Micro, Small and Medium enterprises. The Government of India has set up special financing institutions that provide easy finance options to the SMEs at very nominal interest rates. The Government has taken many initiatives to make finance readily available to the SMEs: Industrial Development Bank of India: Industrial Development Bank of India (IDBI) was instituted in 1964 as a wholly owned subsidiary of the RBI as the top institution for providing finance to the SME sector. The Government of India in 1975 passed a law for de-linking IDBI from RBI and making it the principal financial institution for (i) co-ordination of the working of institutions engaged in financing, promoting or developing industry; (ii) assisting the development of such institutions; and (iii) Providing credit and other facilities for development of industry and for matters connected therewith. IDBI has brought about a revolution in industrial growth by means of providing finance for medium and long term projects in co-ordination with the national policies. The range of products offered by IDBI has been increasing in every field of industrial need be it manufacturing or services sector. IDBI has been empowered to provide financial assistance to all types of small enterprises. Small Industries Development Bank of India: The Government, in April 1990, established the Small Industries Development Bank of India (SIDBI) as a fully owned subsidiary of the Industrial Development Bank of India in order to promote financing activities for the Small and Medium Enterprises on a nationwide basis. In March 2000, the government amended the SIDBI Act and de-merged it from IDBI. The amendment led to the change in the capital structure, shareholding pattern, business and borrowing provisions. The SIBDI has two subsidiaries namely SIDBI Venture Capital Fund and SIDBI Trustee Company Limited. The Credit Guarantee Fund for the Small Industries and Technology Bureau for Small Enterprises are the two associate organizations that work in co-ordination with SIDBI. Since the foundation of SIDBI, it has been assisting the micro, small and medium sector (MSMEs) providing those with suitable schemes which are tailor made to suit the need of individual organizations. It assists in the setting up of new projects, expansion, diversification, modernization and rehabilitation of existing units. After the de-merger of SIDBI from IDBI, it has introduced several new schemes and products in order to meet the need of both new and existing SME units. It has been maintaining its policies and revising them from time to time keeping them in line with the policy plans of the Government and RBI. Competitiveness: The Government has been striving hard in order to provide a competitive edge to the units in the global environment. In order to increase the productivity of the MSME sector so as to overcome the competition that these units can face in the global markets and also to face the competition from the multi-national companies in the local Indian markets, the Government of India has introduced the National Manufacturing Competitiveness Programme (NMCP) in the year 2005-06. The NMCP programme was implemented to shift the focus of the SMEs from the production to the competitive side of business. There was a need for the SMEs to introduce some structural changes and therefore this programme was introduced. The programme was initiated to increase the competitiveness at the individual firm level and not at industry or sector level. The need of the hour was to address issues such as technology up gradation, cost reduction, in time delivery, total quality management (TQM) and to enhance the customer service. The NMCP worked in co-ordination with the SMEs and helped attain an environment for the accomplishment of these issues. National Commission for Enterprises in the Unorganised Sector: The National Commission for the Enterprise in the Unorganised Sector has been set up to improve the productivity of the unorganised sector. It acts as an advisory board and a supervisory body for the informal sector for generation of large scale employment opportunities on a sustainable basis, particularly in rural areas. Reservation: The policy of product reservation had been started in the year 1967 with the governments objective of attaining socio-economic development by reserving the manufacturing of products solely by the SME sector. The Government introduce this policy with a view to improve the productivity of the SMEs especially in the rural areas which would in turn help to increase employment opportunities and also initiate the people to take up self employing business opportunities. The Government of India had reserved some products to be manufactured only by the SSI sector. In 1984, the list contained as many as 843 products to be manufactured only by the SME sector. But in the recent years, due to the lack of technological up gradation and competitiveness on the part of SMEs, the has been reduced to as low as 21 products. The de- reserving of the products has been progressive for the re introduction of the SMEs in the main stream. Simple Process: The registration of the SMEs was earlier a very painful and lengthy process. This system has now been replaced with the much simpler Entrepreneurs Memorandum (EM). The introduction of the EM has been the most valuable achievements of the MSMED Act, 2006. The Need of Credit as a Lifeline of Business: Finance or credit is of crucial importance for any business to grow and survive. If adequate finance is not available, even the best plans need to be put to halt. In case of MSMEs, credit is needed at every stage be it start up, diversification, technological up gradation, survival and expansion. If finance is not readily available, there is every possibility that the best performing unit can fall sick thus leading to the closing down of the unit. Thus, the need for a focused credit policy for the MSMEs was recognised by the Government of India. Hence, a credit policy with the following terms was laid down: Priority Sector Lending: Providing of credit to the MSME sector has been made compulsory by the government under the Priority Sector Lending Scheme. The priority sector includes agriculture, small enterprises and businesses, retail trade, etc. Under this scheme,

Literature on Working Capital Management and Profitability

Literature on Working Capital Management and Profitability Regarding the research of working capital management and profitability. This chapter consists of literature review of different researchers and their studies findings in accordance to the region their studies are based on. I will start with the region of United States of American and followed by the European countries. Studies from other countries not included in the aforementioned regions will be described in the following topic. This chapter ends with a table summarizing the findings of different authors from this literature review. Variables Description Average Collection Period on Profitability In an article wrote by Milling (1991, p. 48), he mentioned that: Average collection period measures the time that a firms average sales dollar remains outstanding as an account receivable. Average collection period is formulated by dividing accounts receivable by sales and multiplying by the number of days in a year (365). It is the average number of days which a firm manages to collect its outstanding debts from customers (Garcia-Teruel Martinez-Solano, 2007). According to Lazaridis and Tryfonidis (2006), acerage collection period is one of the components to measure the cash conversion cycle which is manageable to maximize the profitability and improve firms growth. In Raheman and Nasr (2007) research adaptation, the correlation analysis between average collection period and net operating profitability shows a negative coefficient. This means that if the average collection period increases, it will lower the profits in return. However, the Pearsons correlation proved there is a strong positive relationship between average collection period and cash conversion cycle. Most profitable firms are observed to have a shorter period of collection period (Deloof, 2003). These same firms a re also larger in size, have higher sales growth and lower debt fin ancing. Further research done by Garcia-Teruel and Martinez-Solano (2007) had its result consistent with Deloof (2003) finding. They had agreed that elongate the deadlines for customers to repay their payments may project greater payment facilities, but would negatively affect the profitability of a firm. Sales may also be increased due to the leniency of firms collection policy. To increase corporate value, a high quality accounts receivable portfolio could be created, safeguarded and realized through effective credit management. This is due to heavy investments in accounts receivable by larger corporations. Hence, Pike and Cheng (2001) felt it is important to control the credit management policy and practices choices in order to maximize value. The lower the investments placed on accounts receivable, the more reduction in interest costs, hence, a respectable increase in earnings (Milling, 1991). Besides that, there is a close relationship between sales growth and the level of current assets (Kim, Rowland Kim, 1992). The example given was that the increment in credit sales will lead to higher inventories and accounts receivable. It is unavoidable to invest in current assets in that matter. According to Deloof (2003, p.584): An alternative explanation for the negative relation between accounts receivable and profitability could be that customers want more time to assess the quality of products they buy from firms with declining profitability. Schwartz (1974) debated that firms that are able to obtain funds at lower cost would offer trade credit to firms facing higher financing cost through finance-based models. Emery (1984) was able to conclude that investments in trade credit are a much better option for short-term investment than market securities. The advantage of trade credit can be spontaneous and exist without formalities, but the limitation is that it is available for goods and services only (Hossain Akon, 1997). Inventory Turnover on Profitability Zero inventory and Just-in-time manufacturing had been a popular inventory management practices (Reynolds, 1999). In much simpler terminology, inventory turnover means the cycle of using and replenishing goods. According to Reynolds (1999), inventory turnover analysis has major importance because inventory management directly impact operations profitability. This analysis serves as a measure of firms efficiency and profitability. Inventory turnover analysis can assist financial managers in recognizing problems and can help reduce associated costs. Average Payment Period on Profitability Companies of different sizes (small, medium and large) are now taking longer time period to repay their debts (Anonymous, 2005). The same author also mentioned that was affected due to larger companies imposing longer payment terms on their suppliers, who are usually not in a position to choose. Companies in a lower part of the chain would face cash flow problems as companies on the upper chain wait for payment before they pay their suppliers. Cash Conversion Cycle on Profitability The cash conversion cycle is able to capture the impact of an effective working capital management policy, which are due to the effects from turnover of receivables, inventories and payables. The function of cash conversion cycle is defined by Jose, Lancaster and Stevens (1996, p.34): The CCC measures the time between cash outlays for resources and cash receipts from product sales. The CCC is dynamic in the sense it combines both balance sheet and income statement data to create a measure with a time dimension. Richards and Laughlin (1980) consequently operated this concept by measuring the number of days funds are committed to receivables and inventories and less the number of days payments are deferred to suppliers. Shin and Soenan (1998) are able to prove a strong correlation between cash conversion cycle and profitability. Even so, they used a substitute of cash conversion cycle called the net trading cycle. Using this cash conversion cycle, also known as cash-to-cash (C2C), companies could establish a point of reference for inter-firm comparisons. Besides improving profits earned, companies could obtain overall efficiencies and balance supply chain operations (Hutchison, Farris II Anders, 2007). Regional United States of America According to a research done by Kim, Rowland and Kim (1992), it was about the implications of working capital management practices by Japanese manufacturers in the US. This study is to determine the objectives of working capital management by Japanese manufacturers in US and to identify options for funding. As Japans foreign direct investment in the business expansion of US has increased rapidly, therefore, it is important to manage the firms working capital well. International working capital management has significant importance as total assets and liabilities of multinational corporations consist of current assets and short-term liabilities. There are few differences in financial structure between the US companies and Japanese manufacturers: Japanese firms rely more on banks short-term debt. Japanese firms project a lower level of net working capital. Japanese firms operate with about half as much equity as US firms. Japanese firms hold twice as much in long-term investments as US firms. Japanese firms reported lower inventory level; more accounts receivables and twice as much cash as US firms. Questionnaires were sent out to Japanese manufacturing companies operating in US. Executives from these Japanese-owned firms perform this survey to determine the companys working capital policies and practices. The data reverted back to researchers show that Japanese firms rated the most important objective of working capital management is to be providing current assets and liabilities in support of anticipated sales, while minimizing investments in current assets being the least important. Moreover, most of their short-term financing were sources from Japanese banks. In 1996, Jose, Lancaster and Stevens performed a research on the relationship of corporate returns and cash conversion cycle. This study examined the long-run equilibrium relationship between a measure of ongoing liquidity needs (cash conversion cycle) and measures of profitability. Data collected were from the annual Compustat tapes, which covers the twenty-year period starting from year 1974 to 1993. There are altogether 2,718 firms which have complete data required. The variables were tested using nonparametric and multiple regression analysis, with the industry and size variable controlled. Richards and Laughlin (1980) and Emery (1984) had noted the constraints of using traditional financial ratios and believed in the liquidity management measures to reflect the ability of firms meeting their short-term financial obligations. Return on assets (ROA) and return on equity (ROE) measures are also included in this study to separate asset management and financing influence. Jose, Lancaster and Stevens concluded that there are key findings for ROA and ROE. These ass et management returns and levered returns revealed an increase in performance and benefits. Shin and Soenan (1998) did a study to test the efficiency of working capital management to create profitability. They used a Compustat sample of 58,985 firms covering the period 1975 1994. The relationship between the length of net trading cycle, corporate profitability and risk-adjusted stock return was examined. Net trading cycle could be computed as below: Net Trading Cycle = (Inventory Turnover + Average Collection Period Average Payment Period) x (365 / Sales) The outcome of the study shows strong negative relation between the length of firms net trade cycle and profitability. They also considered that working capital efficiency increases profitability; there will be a negative relationship between net trading cycle and stock return. The examination of this relationship is done using the correlation and regression analysis, by industry and working capital intensity. In their study, it is mentioned that working capital is a result of the cash conversion cycle. Gentry, Vaidyanathan and Lee (1990) developed the weighted cash conversion cycle, which scales the timing by the amount of funds in each step of the cycle. On the other hand, Deloof (2003) said that this method could not be used due to incompleteness of information available for calculation. Liquidity ratios, such as current ratio and acid-test ratio, could not measure the working capital management efficiently due to reasons that these ratios include calculation of assets which are n ot readily available to be converted into cash and the ratios ignored the timing of cash conversion (Shin Soenan, 1998). In all, maximum working capital efficiency is an essential factor of total corporate strategy to create shareholders value. A research was done on the international working capital of multinational corporations by Dr. Hadley Leavell from Sam Houston State University. His journal was published in 2006. To enhance profitability of multinational corporations, Ricci and Di Vito (2000) suggested reducing the floating costs of time value, losses on outstanding accounts receivables, transaction costs and foreign exchange conversion costs when moving cash between countries. However, the difficulty to overcome regulatory and geographical barriers may lead to a loss of control and payment regulations placed on cross-border cash concentration to maximize profitability. Regional Europe In year 2003, Deloof investigated the relation between working capital management and profitability of a sample 1,009 large Belgian non-financial firms between years 1992 1996. The cash conversion cycle was considered as the comprehensive measure for working capital, whereas gross operating income is the measurement for profits. There is the weighted cash conversion cycle modified by Gentry, Vaidyanathan and Lee in 1990, but was not applied by Deloof because of the limited information availability. Deloof related the correlation and regression analysis to his research to prove that there is a relationship between working capital management and profitability. Another research done in Europe is by Lazaridis and Tryfonidis in year 2006. They investigated the relationship between working capital management and corporate profitability of a sample of 131 companies listed in the Athens Stock Exchange. Data was collected from year 2001 2004. In this research, profitability was measured through gross operating profit and cash conversion cycle. Lazaridis and Tryfonidiss research also established that larger companies are cash-management-focused with more credit sales, which led to cash flow problems. Smaller scale firms are more focused on stock management and credit management. Similar to Deloofs (2003) research, the cash conversion cycle is used to describe the effectiveness of working capital management in this study. Regression analysis used in this research showed a negative relationship between cash conversion cycle and profitability. Garcia-Teruel and Martinez-Solano (2007) were involved in a research to provide evidence about the effects of working capital management towards to profitability of Spanish small and medium-sized (SME) enterprises. Many previous researches are focused on larger form of firms. They collected a sample of over 8, 800 SMEs which covers the year 1996 2002 from the AMADEUS database. The selection was done in accordance to the requirements by Europeans Commissions recommendation on the definition of SMEs. In fact, the current assets and current liabilities of their sample of SMEs proportion is the majority of total assets and liabilities available to the firms. They used the cash conversion cycle to measure the profitability of the firms on their research sample. Their study was supported by Deloof (2003), confirmed that firms can improve profitability by lowering outstanding accounts receivables and payables and inventories. A univariate analysis was conducted to determine differences in variables, followed by a multivariate analysis to determine working capi tal management on corporate profitability. Return on Assets ratio was set as the dependent variable to establish profitability. In the correlation matrix used, they found a negative relationship between their dependent variable (return on assets) with the number of days accounts receivables, days of inventory and days accounts payable. They confirmed that by shortening the cash conversion cycle, firms could improve profitability. Regional Others Hossain and Akon (1997) did a case study on financing working capital of Bangladesh textile mills corporations. This case study covers 40 public sector textile units under the ownership and administration of Bangladesh Textile Mills Corporations. The study covered a period of twelve years from 1982 1993. According to Hossain and Akon, well-known economists believed that current assets should be considered as working capital as the whole of it helps to generate profits. In their study, it shows that a vast amount of short-term finance was used in financing fixed and current assets to the extent of 100 percent. This caused a lower capability to earn profits, but increases the risk of insolvency. The aggressive working capital financing (using short-term funds to finance fixed assets) should be tamed in Bangladesh textile mills corporations to maximize profits, by resorting to long-term funds which are less costly. Methods used to test their hypothesis are through regression analysis and comparing the calculation of financial ratios. Raheman and Nasr (2007) had done a research to prove the relationship between working capital management and profitability of Pakistani firms. A sample of 94 firms listed on Karachi Stock Exchange was selected. Firms are listed for a period of 6 years from 1999 2004. It was mentioned that an excess of current assets could lead to a firm realizing its return on investment. However, it was proven otherwise if firms have a shortage of current assets (Horne Wachowicz, 2000). The measurement of profitability used by Raheman and Nasr is the Net Operating Profitability. They used the regression analysis to assess their hypothesis. Their study includes data of regression analysis of cross-sectional and time-series data. The pooled-regression (constant coefficient models) type of panel data analysis was applied. They believe that increase in the cash conversion cycle would lead to lower profit generation (Shin Soenan, 1998; Deloof, 2003; Lazaridis Tryfonidis, 2006; Garcia-Teruel Martinez-Solano, 2007). Summary of Literature Review Author (Year) Market (Region) Evidence of Findings Kim, Rowland and Kim (1992) Japanese Manufacturers in US (USA) Objective of working capital management is to be providing current assets and liabilities in support of anticipated sales. Jose, Lancaster and Stevens (1996) Compustat (USA) Key findings in asset management returns and levered returns. Shin and Soenan (1998) Compustat (USA) Relationship between the length of net trading cycle, corporate profitability and risk-adjusted stock return. Leavell (2006) Multinational corporations (USA) International working capital and multinational corporations. Deloof (2003) Belgian non-financial firms (Europe) Application of cash conversion cycle. Lazaridis and Tryfonidis (2006) Companies listed on Athens Stock Exchange (Europe) Larger companies are cash-management-focused, Smaller firms are more focused on stock management and credit management. Garcia-Teruel and Martinez-Solano (2007) Spanish SMEs (Europe) Effects of SMEs working capital management towards its profitability. Hossain and Akon (1997) Bangladesh (Asia) Financing Bangladesh textile mills corporations. Raheman and Nasr (2007) Karachi Stock Exchange (Asia) Working capital management of Pakistani firms and its profitability. Table 2.1 Summary of Literature Review Conclusion Working capital is about establishing optimum liquidity position by effectively managing resources invested in day-to-day operations of the business. After studying the journals and researches done, it can be concluded that liquidity and profitability of firms was affected by the components and working capital management measures (accounts receivable, inventory and accounts payable).

vikings Essay example -- essays research papers

Vikings In Control They were fierce, heartless Barbarians who Seized and looted many European lands from the 800’s to 1000’s. They made their sneaky attacks at the crack of dawn killing anyone who came axe length away. Including innocent babies defenseless children of all ages, and helpless women. ( The Celebration Program) During their time, these people never called themselves â€Å"Vikings.† This name isn’t even meant to be the name or a group, but an activity. The base word vik was simply another name for a pirate. Therefore, to go a-viking meant to fight as a warrior. The Northmen, which is another name for Vikings, lived in small communities that were ruled by either a king or a chief. People were divided into three classes being noble, freeman, or slaves. The nobles were usually considered Kings because they were people who were wealthy. The freemen were farmers, merchants and people who served the ruler. Last, but not least slaves were Scandinavians whose ancestors had been enslaved. (The Celebration Program) Even though Vikings are addressed by one very large group, there are actually three kinds of Vikings. They are Norwegian, Swedish and Danish. The Norwegian Vikings were actually the group that began the raids in Lindisfarne in 793. They raided England, Ireland, the Isle of Man and Scotland. Because of Ireland’s fertile farms, rich churches and monasteries, it was a big target. Norwegian pirate chief Turgeis attacked Ireland from 839 ...

Contents of the dead mans pocket :: essays research papers

In the story, â€Å"Contents of the Dead Man’s Pocket,† the main character is Tom Benecke. As the story progresses, he is faced with many decisions. He is forced to act quickly and because of this, many things about him change. In the story, Tom is ambitious, self-centered, and impatient. These three traits change significantly throughout the story.   Ã‚  Ã‚  Ã‚  Ã‚  Tom is a very ambitious person when it comes to his work. He is caught up in getting a promotion from work by doing a project. Tom just focuses on the â€Å"big picture,† which is his future, rather than the â€Å"small picture,† which is what his wife is doing. This trait changes at the end when he decides to go to the movies with his wife. When the paper flew out the window for the second time, he realized that he can do the paper over again but he can never take back that one specific night he could have spent with his wife.   Ã‚  Ã‚  Ã‚  Ã‚  At the beginning, Tom is very self-centered and preoccupied with his work. He finds what he wants to do more important than what his wife wants to do that night. Once faced with the reality of death, he realizes how important his wife is to him. This forces him to be strong and stay alive, for her sake. The only reason he made it back into his house was because of how much he cared for her. Tom then decides to go find her at the movies, which shows that he has become less self-centered and more aware of his wife’s feelings.   Ã‚  Ã‚  Ã‚  Ã‚  Tom knows that his project can wait, but he has to have it done so his boss can read it over the weekend. The fact that his work couldn’t wait until he got back from the movies shows what an impatient person he is. When Tom is out on the ledge retrieving his paper, he is forced to be very patient and to take things one step at a time.

Oedipus Who’s fault was it? Essay

Who’s Fault Was It? If one were to look for an individual to blame in the tale of Oedipus many characters would stand out. Assigning fault on Just one character of this story would be challenging since almost every character is trying to cheat fate. If there was really one character that could have prevented all this tragic Father killing and Mother â€Å"loving† who would it be? The story spirals on in a whirlwind of destiny with each step taken by all characters to avoid an impending fate and leading to an even more imminent and closer step to the final tragic outcome. One could look to the beginning, the exact point where King Laois seeks an audience with the Oracle of Delphi to learn his future. The question to ask is if the oracles prophecy had never been spoken would the chain of events have taken place causing King Laios to fear his own son and send him away to die. Laois being so curious of his destiny could have avoided his own death had he not learned the prophecy and tried so hard to avoid it. If Oedipus had been raised by his biological parents the probability that he would ave killed his father and marry his mother might have decreased. When taken away to be destroyed the herdsman responsible for leaving baby Oedipus to the elemenst did not have the resolution to complete the task. Instead he gave Oedipus toa messenger in the hopes that he would take the infant to a faraway land and no one would ever know that Oedipus had not perished as ordered. If Oedipus had died as an infant then the prophecy would never come true and Laios’s death would have been prevented. Oedipus was received by a childless King and Queen to raise as heir own. King Polybus and Queen Merope loved Oedipus very much and did not tell him that he was not their biological child. Rumors did circulate about Oedipus’s true parentage so he decided to visit the oracle and learn the truth. Instead of hearing that his parents were not truly his he learned that he would kill his father and marry his mother. The oracle did not mention that Polybus and Merope were not his biological parents so in fear of the foretold prophecy Oedipus flees from his home and travels far away in hopes of avoiding his proclaimed fate. Upon fleeing from his home to evade such a gruesome outcome, Oedipus meets a group of men at a crossroads. The carriage driver tries to push Oedipus off the road. In a rage most likely exasperated by the news of his learned prophecy Oedipus kill most of the men in the caravan. Unbeknownst to him he had Just completed the first part of his prophecy. He had killed his biological father King Laois. In an attempt to sidestep fate Oedipus actually makes it come true. When Oedipus arrives at Thebes he defeats the riddle of the Sphinx there in saving the city. This makes Oedipus a hero and by becoming the savior of the city he ends up marrying Jokosta, a newly widowed Queen. It makes sense that a city without a King would wish that their new hero would become their new leader. Oedipus doesn’t realize that he has Just married his biological mother. He lives for years with her thinking he has successfully avoided the prophecy yet in reality ne nas completed the prophecy by marring his own mother and killing his father. Many aspects happened in this story that causes

Underwear as Outerwear

According to Vivienne Westwood,a Queen of Punk, â€Å"Fashion is about eventually becoming naked†. She is a designer of punk rock and new wave, and the most influential British fashion designer of the late 20th century. To be specific, Vivienne Westwood reinvention’s collections, Madonna has influenced by her underwear as outerwear’s idea, she is the first singer who began to wear a corset-style top for her world tour concert. As a result, it has influenced many famous singers, such as Rihanna, Lady Gaga and Britney Spears.This trend became the today’s mainstream fashion. Thus, underwear as outerwear has changed an aspect of the women’s dressing in these day. Before the underwear as outerwear trend, Westwood shocked people by bringing punk culture to the British fashion’s mainstream. She made the most of British teenagers dressing in punk style. It was a phenomenon of punk on the streets of London. In 1980, the punk movement faded, Westwood s tarted searching the history information for her new collection herself.She introduced the Buffalo Girls collection, this collection was inspired by Peruvian women which was her research. She combined traditional tailoring with her brilliant idea to create petticoats, bowler hats worn with head scarves, featuring layered skirts and adapting bras worn over blouses. It was a beginning of underwear as outerwear’s style. The corset was transformed to one of power and sexual freedom for women. Many well-known celebrities, film-stars and signers have worn the corset-style which has been influenced by Vivienne Westwood’s design.Also, a lot of famous designers have been inspired by this idea for their collections to show on the runway. If Westwood had not invented underwear as outerwear’s idea, it would never existed in fashion world. For this reason, it makes women feel more positive and confident to wear. Moreover, underwear as outerwear became Westwood’s signa ture over her all design. Vivienne Westwood is irony fashion designer, and she does not only sell the clothing style but what she offers is the attitude on her design.Particularly, corset is the Victorian upper class women’s underwear that holds the waist and the chest. It was cancelled because it was seen as a symbol of sexual oppression. Westwood solved it by modern sewing with stretch fabric for comfort and converted to wear on both sides. Therefore, her underwear as outerwear style is a variant that conveys to confidence of women who wear, it makes women look both sophisticated and sexy at the same time. Westwood had changed the image of corset coupled with the way women dress forever.

A Sense of Fear and Death: a Contrast and Comparison Between the Masque of the Red Death and Young Goodman Brown

The Masque of the Red Death and Young Goodman Brown are both good stories that paint vivid images. Throughout these stories, both Edgar Allan Poe and Nathaniel Hawthorne evoke a sense of fear and death. Edgar Allan Poe tells us a story of a prince who believed he could save himself and his nobles by keeping them inside of his castle. However, Nathaniel Hawthorne tells us a story of a man who takes a â€Å"journey† with his conscience. Both authors use characterization, symbolism, imagery and allusions to portray fear and death. The Masque of the Red Death opens up with fear and death. Blood was its Avatar and its seal† (1); an avatar is a graphical image that represents a person. Here Edgar Allan Poe uses characterization to give us an idea of how horrible the Red Death is. This quote gives the Red Death life and death having life speaks LOUDLY for itself. In comparison, Nathaniel Hawthorne uses characterization gives the belief. faith, life in which Goodman Brown's wife was faiths avatar. However Hawthorne uses characterization as symbols to evoke fear. When Hawthorne describes Faith he mentions pink ribbons.A child wears ribbons and children, in most cases, are the representatives of innocence which is what these ribbons symbolize. â€Å"But something fluttered lightly down the air and caught the branch of a tree. The young man seized it, and beheld a pink ribbon. â€Å"‘My Faith is gone! ‘ cried he†¦Ã¢â‚¬  (5). Fear is the unpleasant feeling aroused by the threat of danger, evil or pain. In this quote it is clear that Young Goodman Brown is threatened by pain as well as evil. As Young Goodman Brown continues, â€Å"There is no good on earth and sin is but a name.Come, devil, for thee is this world given. † There is a great significance of Faith's ribbons being found without her. This meant that his wife Faith, along with his faith is gone and it pained him. Faith is what is keeping Goodman Brown sane, assured, and secu re in the forest. The forest is also another symbol Hawthorne uses to evoke fear. It represented danger, death. The forest was described as â€Å"a dreary road, darkened by all the gloomiest trees of the forest†¦Ã¢â‚¬  (1). Darkness is the color of death. In parallel Edgar Allan Poe also uses colors to represent death and summon fear.However, he uses both an â€Å"ebony clock† and a seventh room to do so. â€Å"It was in this apartment, also, that there stood a gigantic clock of ebony† (2); as the ebony color of the clock represents death, the ebony clock on a whole symbolizes that time is running out and death is near. Poe also tells us in the story that at every hour the clock strikes and chimes; in these moments all things are still and the people who are in the masquerade suddenly snap back to reality and realizes what is going on. This representation exhibits fear and dear.The seventh room also presents death and fear. Allan Poe described the seventh room t o have the colors read and black; red representing blood and black representing death. Allan Poe also uses this room and its colors to give us a mental picture. Imagery is the use of figure of speech to create mental images. Poe paints a vivid picture of the seventh room and invokes a great sense of fear and death. Poe tells us that the room has â€Å"black velvet tapestries† (1) and the panes in the room â€Å"were scarlet – a deep blood color† (1).This gives us a feel of how scary and over-whelming that room may be. In comparison, Hawthorne used the forest to paint a picture and to put us in a place where we felt the fear of danger and evil Goodman Brown feels. Allusion is also used by both authors in both stories. Allan Poe made reference to the Bubonic Plague that occurred in the early 1330s. This plague was a very vicious disease that killed off families, home, and populations. With knowledge of this plague readers can only imagine how horrified the charact ers in the story are whenever the clock strikes another hour.Hawthorne, in contrast, made reference to the time of the puritans where they believed anything or anyone who is not pure is evil and wicked. In these times it was believed that a woman's faith was her and her family's way to heaven. â€Å"I'll cling to her skirts and follow her to heaven† (1). This historical fact helps us to understand why Goodman Browns pain of losing Faith was such a great significance and manifested so much fear. With Faith gone and his faith gone his way to heaven, along with his family's, was gone as well.Both authors use references to the bible as well. Poe used the term pestilence in which he said, â€Å"No pestilence had ever been so fatal, or so hideous† (1). Pestilence is a plague and in Revelations 18:8 it reads, â€Å"Therefore shall her plagues come in one day, death, and mourning, and famine. † Also in Jeremiah 42:17 it reads, â€Å"So shall it be with all the men that set their faces to go into Egypt to sojourn there; they shall die by the sword, by the famine, and by the pestilence: and none of them shall remain or escape from the evil that I will bring upon them. This reference shows how powerful the plague is and how much terror and fear is instilled in the characters of the story. Hawthorne, on the other hand, referred to the book of Job. Job was a man of God who obeys Gods every command and never spoke blasphemy. One day the devil asks the Lord to put Job's faith to the test and God agreed. The devil everything away from Job and Job began to look to the heavens and asked God why this was happening to him. In Young Goodman Brown Goodman Brown â€Å"looked up to the sky, doubting whether there really was a heaven above him† (4).This shows great fear that Goodman Brown felt at this point of the story. All in all though one author may have use more of a literary technique than the other, they both manifest the idea of fear and death in a great manner. These literary techniques, from characterization to allusion, all of these devices work together in some way. In both The Masque of the Red Death and Young Goodman Brown, both authors Edgar Allan Poe and Nathaniel Hawthorne used characterization, symbolism, imagery and allusion to personify death, indicate fear and pierce, to instill both a sense of fear and death, in a reader’s heart and mind.

Employment Rights and Responsabilities Essay

1.1 The aspects of employment covered by law are: health and safety(1974), disability discrimination act(1995 amended in 2005), the day care and child minding regulations(2003), Data protection act, sex discrimination act(1975 amended in 1986), the race relations act (1976 amended 2000 and regulations 2003), equal pay act(1970,1983,2010), working time directive and working time regulations (1998), national minimum wage act(1998) and the employments rights act (as amended by the employment regulations act (1999 and he employment act 2002 and 2008). 1.2 HEALTH AND SAFETY (1974): It is your employer’s duty to make sure that you are protected from any risks and dangers which could occur in your work place. DISABILITY DISCRIMINATION ACT(1995,2005): Provides legal rights for disabled people in areas such as employment and education. THE DAYCARE AND CHILDMINDING REGULATIONS(2003): They set down minimum standards covering a number of areas. Registered providers have to meet ratios of adults to children. DATA PROTECTION ACT (1998): Protects the personal information that organisations hold about people the information must be correct, must not be used for any other reason except the reason it was collected for, must not be passed on without permission and must not be kept for longer than necessary SEX DISCRIMINATION ACT (1975,1986): Employer must not treat men and women differently if they can not show a good reason for doing so. THE RACE RELATIONS ACT (1976,200,2003): Makes it unlawful for anyone to discriminate against anyone else because of race, colour, nationality or ethnic origin. EQUAL PAY ACT(1970,1983,2010): The right to same pay and conditions of employment as some one of the opposite sex where you’re doing the same work. WORKING TIME DIRECTIVE AND WORKING TIMES REGULATIONS (1998): Covers legal hours you can work minimum daily rests and paid annual leave. NATIONAL MINIMUM WAGE ACT (1998): Minimum amount per hour most workers in the uk are entitled to be paid. THE EMPLOYMENT RIGHTS ACT(1996,1999,2002,2008): This is a large law that covers many of the rights and responsibilities of employers and employees including; contracts of employment, right to itemised pay statement, right to time off work, right to time off work for sickness, maternity rights, termination of employment, unfair dismissal and redundancy rights. 1.3 Legislation relating to employment exists to protect you at work; they also protect your colleagues, the children and their parents. These laws also tell you what you are expected to do and how you should behave at work. 1.4 ACAS (Advisory conciliation and arbitration service) is for both employees and employers who are involved in an employment dispute or are seeking information on employment rights and rules. OFSTED Inspect and regulate services which care for children and young people, and those providing education and skills for learners of all ages. They inspect to judge the quality and standards of care. CITIZENS ADVICE help with all aspects of employment rights and can help get further information regarding employment rights and responsibilities. WWW.DIRECT.GOV.UK/PAYANDWORKRIGHTS TASK 2 2.1 The terms and conditions which are covered in my contract are: my job title(nursery nurse), hours of work(30 per week between 6am and 6pm), holiday, absence due to sickness or injury(must inform manager at least 2 hours before shift starts), sick pay, notice of termination of employment (1 months’ notice in writing), grievance procedure, company rules and the disciplinary procedure. 2.2 The information that is shown on my pay slip is: my name and address so I know it is my pay slip, my national insurance number so I know im paying national insurance for me and no one else, my tax codeso I know how much tax I should be paying, rate of pay how much I earn an hour , pay period so I know how many weeks pay I should get, pay date when I get paid, payment method how I get paid, national insurance table letter, company’s name so I know who is paying me, net pay, weekly amount of pay-how much I earnt each week. Year to date; taxable gross pay, income tax, employee national insurance contribution and employer national insurance contribution. 2.3 It is important for the company and all employees that any grievance is brought to light quickly and dealt with expeditiously. If any time you have a grievance which cannot be cleared informally you should raise it formally either verbally or in writing with your immediate supervisor. 2.4 The personal information which must be kept up to date with my employer are my contact number, my address, bank details in which I wish my pay to be sent to and any relevant health information which may affect my job roll. 2.5 The agreed ways of working are to always be polite and profesional, to follow policies and procedures corectly to make everyone feel welcome and happy to be at nursery to provide a save,warm,loving and happy environment for the childeren,to be respectfull of other peoples religion, background and personal choices. TASK 3 3.1 I make sure that the children are provided with the highest quality of care, that they are supported in their intellectual social and emotional needs by making sure there are appropriate activities for them that are not too easy or hard for them,helping them to make friends and socialise with other children of the same age by encouraging them to play together and setting out group activities, I have made strong positive relationships with the children and their parents and make them feel welcome and happy to be at our nursery.I also make sure that each individual child which I work with have age appropriate play available eg, the younger children whom are learning to walk have walkers available at all times the pre school children have more difficult puzzles to do so it encourages them to solve problems and think about what they are doing where as the toddlers will have easier jigsaw puzzles as it is to hard for them to do , I make learning the colours and alphabet fun by combini ng it with play we have a counting game which the children enjoy, I also use colour and number throughout the day e.g, at lunch time as im handing out the plates I will ask the children â€Å"what colour plate have you got†or during an activity using building blocks I may ask â€Å"how many green blocks are there† , we do a lot of messy and creative activities we do alot of messy play because messy play involves children using all their senses in the process of exploration, especially the sense of touch, offers the opportunity to mould and manipulate materials and not having a focus on making/producing something 3.2 The positive relationships which I have made with the children makes their parents feel reassured that their child is well looked after and happy when they leave them with us which reflects on other parents and they are more likely to recommend our nursery to others due to the high quality of care delivered by staff. i work very well individualy or as part of a team, im creative,profesional and follow good practice. 3.3 My job fits in with the wider sector because we help to teach the children things to help them be independent and prepare them for school by teaching them basic things like their colours, alphabet and how to write their name . Also we spend 5 days a week with the majority of the children in our nursery there for if anything is wrong with them we can usually tell straight away i.e. unusual behaviour, bruises etc. we have to pass that information on to our supervisor whom will then decide if it needs to be taken further. Or if the social services have to intervene with a family we will work alongside them to support the individual child as much as we possibly can. 3.4 A professional body is usually a nonprofit organization seeking to further a particular profession, the interests of individuals engaged in that profession, and the public interest. A profesional body is group of people in a learned occupation who are trusted with maintaining control or oversight of the practice of the occupation also a body acting to safeguard the public interest professional bodies act to protect the public by maintaining and enforcing standards of training and ethics in their profession, they often also act like a trade unio n for the members of the profession. TASK 4 4.1 After compleing the level 3 qualification you can go on to further your education by doing a level 4 nvq or going to university and doing a foundation degree. You can have a job as a nursery manager , teacher, teaching assistant, a hospital play therapist a job in social work or health work. 4.2 There are a number of organisations that can help you find out more about higher qualifications these include, the early years nto, CACHE, EDEXECL,LCCIEB, city and guilds, universitys, connexions, local early years development and child care partnerships. 4.3 After achieving my level 3 I Intend to follow on to study at university and become a primary school teacher. TASK 5 5.1 Concerns have been raised regarding the misuse of mobile phones with in the sector, where photographs have been taken of children and used in inappropriate ways. 5.2 Some people think that mobile phones should not be used so things like this can not happen again, where as other people think that mobiles should be allowed incase of emergencis. Some people don’t like men to work in nurseries oor only wish for female staff to change their childs nappy this can be seen as discrimination against male workers. 5.3 The public concern regarding the miss use of mobile phones has made the public more cautious about the people whom are looking after their child, and they may feel tht stricter guid lines and checks should be put in place to protect children. 5.4 In our work place we are not allowed our phones in the rooms with the children they must be put in our lockers or in our bags in the office.If we are found to have our phones on us then we are dismissed instantly, the only exeptions are if were on a nursery trip and need to contact other staff, management or in an emergency even then we are not to use our mobiles for personal use when on trips and there is a after school club mobile which must stay on at all times and is only used to contact afterschool club perents and dos not have a camera on it.